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Monday, January 2, 2017

New Study: Fracking Generated $3.5 Trillion in New Wealth from 2012-2014

From The Daily Caller:

Hydraulic fracturing generated $3.5 trillion in new wealth between 2012 and 2014 in spite of falling oil prices, according to a new study, but today’s rising prices could be even better for the U.S. economy.

Oil prices fell to a record low of $30 a barrel during the previous year, sharply reducing the industry’s profit margins, which are now rising again. Researchers estimate that new economic activity from fracking technology created around 4.6 million net new jobs, but only about 1.6 million of these new jobs were directly linked to the oil industry, while many of the rest were due to lower gas prices and the positive effect that had on the American economy.